Shift to Brent Spotlights Its Ascent

By

Dan Strumpf

Nov. 6, 2012 5:47 p.m. ET

For the third year in a row, a closely followed commodities index boosted the weight it gives to Brent crude at the expense of U.S. oil, the latest sign of the European contract's rising dominance in setting global oil prices.

S&P Dow Jones Indices said the Brent contract will make up 22.34% of its GSCI commodities index starting next year, up from 18.35%. West Texas Intermediate, or WTI, the main contract traded in the U.S.,...